Behind the nation's debt quagmire

Saturday, June 25, 2011

Dear Editor:

Even though it seems clarity is still a problem for some people, let's look to President...errrr I mean former Vice-President Richard Cheney, for some lucidity as to how our federal government finds itself in an enormous debt quagmire today.

"Reagan proved defecits don't matter," said the former VP. He continued, "we won the midterms...this our due (1.3 trillion dollars in tax cuts for the top 1 percent of Americans – who consequently only pay on average 16 percent to taxes on their income because most of their income comes from capital gains.)"Some estimates have gone as high as $2.5 trillion as the Treasury cost.

Needless to say Bush also pushed for the reduction in the capital gains tax (fromten to eight percent) on holdings over five years.